Your Money & Your Life Podcast

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SECURE Act Update Heading Into 2020

We’ve been keeping an eye on the SECURE Act for months now and recent legislation passed by Congress will make it effective starting in 2020. Get an overview of the adjustments and find out why Don believes this is the most important change to retirement accounts in nearly 15 years.

 

Show Notes and Additional Resources: https://doncashpodcast.com/podcast/secure-act-update-heading-into-2020/ 

 

Today's Rundown: 

0:27 – Christmas time is here!

1:52 – In the News: Congress passed a $1.4 trillion spending bill in December to avert a government shutdown. Included in this was the SECURE Act. Can you give us an update on what this means to listeners.

3:25 – We reviewed the SECURE Act earlier this summer but there hasn’t been much to update since then.

4:12 – The 3 biggest changes in the SECURE Act

5:20 – Some important notes to know.  

6:56 – Don sees some big problems potentially.

7:48 – Will everyone have to deal with these issues?

9:00 – The current tax code reverts in the year 2025 so the next few years are important.

10:21 – Cash Connection: I keep getting these fake emails from people claiming to be Nigerian bankers wanting to send me money. I know it’s fake but my friend opened an email that looked to be from American Express and ended up opening a link to a virus. How can I protect myself from all the scams out there?

15:25 – Getting to Know Don: Do you have any new year’s resolutions?

Understanding 2020 Medicare Premiums and IRMAA Surcharges

It was recently announced that the Medicare Part B monthly premiums and the annual deductible would be higher in 2020, so how is this amount calculated? We turn to Don Cash to explain Medicare premiums, IRMAA surcharges, and how it breaks down into different tiers.

 

Show Notes and Additional Resources: https://doncashpodcast.com/podcast/understanding-2020-medicare-premiums-and-irmaa-surcharges/

 

On This Episode: 

0:32 – We made it through Thanksgiving (maybe a little heavier).

1:43 – In the News: It’s IRMAA Medicare season and more people are getting letters saying they’ll be paying a surcharge. Don explains.

6:16 – The five different tiers for surcharge levels.

7:44 – Where do people run up against these charges?

9:58 – Final thoughts from Don on IRMAA

11:39 – Time for Cash Connection

11:50 – Mailbag question: I’m in my mid-50s and I don’t have much saved for retirement at all. But I own my own business and I’m having a huge year so I’ll have some profits to invest. Can you give me some places to start?

14:11 – Getting to Know Don: What is your ideal way to relax after a long day or week of work?

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